Business, Special Supplement

Celebration of International Accounting Day-2022

Cheerful International Accounting Day!

Published : 09 Nov 2022 07:56 PM

Every year on November 10, the world observes Worldwide Accounting Day, also known as Universal Accountant's Day, to honor Accountants who perform the extremely difficult and stressful labor that few people must undertake. This day is celebrated as a time to thank Accountants for maintaining the financial systems and accounts in the organization. Although this day is observed on various dates by various groups of people, organizations, and nations, November 10 is recognized as an official Universal Accounting Day in many nations. The purpose of International Accounting Day is to advance the accounting industry. It hopes to enable people to network with their coworkers and hopes to enable those who are interested in the business to continue their education.

Additionally, it is unusual to honor the role of an Accountant on this day. All things considered whether you manage your own business or are a sole proprietor, it is quite likely that you have needed or will need the services of an Accountant at some point in the future. Accountants play a crucial role in the financial security of firms all over the world, from tracking charge returns to making sure business accounts are excellent.

Universal Accounting Day is obviously geared toward those who are already working in the field, but it is also an important day for anyone looking to break into the accounting sector. This business has a lot of unique job openings, and there is always going to be a need for Accountants, so it is undoubtedly a traditional field to get involved in. The following are a few of the skills needed to become a Accountant like; a) Ability to manage deadlines and organizational skills; b) Business interest and discernment; c) Capacity to consider your own work, as well as the more extensive results of financial decisions; d) Integrity; e) Interpersonal and communication skills; f) Proficiency in IT; g) Self-motivation; and h) Team working ability.

Modern business structures require extraordinary effort from Accountants. Therefore, in order to take these requirements into account, they must overcome unusual problems and weight and create a highly anticipated, fiercely competitive, and reliable capital marketplace for businesses. Since the majority of businesses now operate on a global scale, Accountants must manage common problems, including advancing accountability, responsibility, harmonization, management, and improvement to support the efficient operation of trade activities. Therefore, this day is observed in honor of all the accountants who have to labor late into the night just before the end of the month for the monthly or quarterly close.

In 1972, the Accounting Career Day was held in San Diego. It was organized by the Institute of Management Accountants (IMA) and the San Diego Chapter of the California Society of CPAs. The day was held to urge youngsters to seek careers in the field of accounting.

At that time, the association made a proposal to encourage more young people to apply for job openings in the accounting industry. Later, in 1976, several groups joined in celebrating this event.

The date of November 10 was picked since it is the anniversary of the publication of the book entitled Summa de Arirthmetica, Geometria, Proportioni et Proportionalita. It translates to Everything About Arithmetic, Geometry, and Proportion. This book was written by Luca Pacioli in 1494. He is known as the father of modern accounting.

A few centuries ago, accounting first emerged as a recognized profession. Records and documents from Mesopotamia that have been traced back to around 5,000 B.C. reveal the use of accounting systems to keep track of the transactions of goods between temples. Ancient revelations from Egypt and Babylonia would provide additional evidence of the dominance of accounting, but the most thorough findings come from sources related to the Roman empire. Data recorded in innumerable archives throughout this time period reveals intricate quantifications maintained across regions like public earnings, personal spending, the allocation of goods, etc.

The field of accounting has unquestionably expanded significantly since its introduction in premodern times. The Middle Ages and the Renaissance would see particularly significant advancements in it; International Accounting Day is observed on the anniversary of the release of a crucial work in the 15th century titled Summa de Arithmetica, Geometria, Proportioni et Proportionality on November 10, 1494, by an Italian mathematician named Fra Luca Bartolomeo de Pacioli, frequently referred to just as Luca Pacioli. The publication was focused on the double-entry accounting system.

The first professional bodies for accountants were set up in Scotland, Britain in 1854, they are the Edinburgh Society of Accountants and the Glasgow Institute of Accountants and Actuaries. The profession kept on developing further and the American Institute of Certified Public Accountants was begun in 1887.

Today, the Accounting Instruction Establishment (AEI) coordinates World Accounting Day. Accounting Day offers a variety of planning opportunities, enabling people to take advantage of educational opportunities in the fields of accounting and finance. The AEI contributes to several grant funds for important institutions and collaborates with them to introduce college freshmen to Accounting. They also assist them in obtaining legitimate applications for available jobs. Associations are urged to participate in Accounting Day so that their members can interact with and educate aspiring future accountants.

Everywhere in the globe celebrates International Accounting Day by expressing gratitude to all accountants. The employers of the organization recognize the best-performing employees. They thank their family members who work as accountants as well as the people they hire to work as their accountants with presents and letters of appreciation. During this day, accounting company bosses treat their employees similarly. They enjoy going out for a fancy dinner together along with family members because everyone must keep in mind that "life is like accounting" and that everything must be in balance.

Md. Touhidul Alam Khan is Additional Managing Director of Standard Bank limited and a fellow member of Institute of Cost & Management Accountants of Bangladesh (ICMAB).